Cash-strapped first-time buyers looking to move into their dream property this month will pay less for essential home interior goods and appliances than at any other time of the year, according to a new study.
The annual ‘First-Time Buyer Shopping Price Index’ by leading shopping price comparison website, idealo.co.uk, tracks online retail prices to pinpoint the cheapest and most costly months of the year for kitting-out a new home.
From fridges and ovens to lawnmowers and garden sheds, it examined 12-month pricing data across 39 home-related product categories and found that bargain hunters can make up to £2,989 in savings - simply by purchasing at the cheapest time of the year.
The study exposes the monthly discrepancy in online retail prices and found that shoppers will pay through the nose on goods to the tune of just £42 in August on average annually across all product categories, compared to a whopping £502 in October.
Below is how each month ranked across all 39 product categories, from cheapest to most expensive, and how hard shoppers will be hit in the pocket as a result.
Cheapest month to buy home accessories
- August - £42
- November - £84
- June - £123
- May - £127
- September - £153
- January - £192
- December - £315
- July - £335
- April - £338
- February - £339
- March - £445
- October - £507
With 43% of first-time buyers now paying their own mortgage deposits and average house prices increasing by 10% in the last year, the top five biggest online retail price discrepancies, and therefore savings to be made are listed below.
- Home cinema systems: £371 cheaper in September (£669) on average than in March (£1,040)
- Barbecues: £339 cheaper in July (£210) on average than in October (£549)
- Lawnmowers : £266 cheaper in August (£396) on average than in February (£662)
- Sheds: £192 cheaper in May (£517) on average than in January (£709)
- Garden furniture : £170 cheaper in July (£175) on average than in April (£345)
When it comes to the smallest saving to be made, shoppers should not procrastinate over buying a kettle when moving into their new home. Only £4 can be saved on average by purchasing it in January (£60) compared to April (£64).
Commenting on the findings, Katy Phillips at Idealo, said: “Buying and furnishing a first home can put immense financial pressure on first-time buyers, with everything from the cost of the property itself to large appliances and white goods quickly escalating."
She added: “Our findings are great news if you’re kitting out your new pad this month, however it was really interesting to see that October is the most expensive month as it has the highest online retail price discrepancy across the 39 goods we studied.
“Whether it’s solicitor or builder delays, unfortunately, few homebuyers have the luxury to pick and choose when they move in. That is why we hope our research, coupled with our handy price history tool, provides help to those who are able to postpone their purchases to a cheaper month and not pay through the nose.”
To explore the full study findings and to see how each product category measured up by month and price, visit the idealo website here.
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